- Kaival Brands’ flagship product, vaping device Bidi(TM) Stick, has rapidly taken dominant position in e-cigarette market
- E-cigarette segment set to grow to market size of $59.3 billion by 2027, CAGR of 19.6% over next seven years
- The Bidi(TM) Stick now available across thousands of retailers in United States, as far afield as Guam
- Kaival Brands recently reported blowout earnings, with quarterly sales surpassing $32 million
Kaival Brands Innovations Group (OTCQB: KAVL), which focuses on growing and incubating innovative and profitable products into mature, dominant brands, is the sole distributor of the Bidi(TM) Stick, an innovative completely-contained disposable nicotine vaping device designed to provide adult smokers with a premium vaping experience. The Bidi(TM) Stick has rapidly taken on a dominant position within the global e-cigarette market – a segment which is projected to grow to a market size of $59.3 billion by 2027, representing a CAGR of 19.6% over the next seven years. With consumers increasingly opting to switch to e-cigarettes amid growing awareness of the advantages of consuming smokeless and ashless nicotine products, brands such as Kaival Brands are well-positioned to make their presence felt in a space where innovation and compliance are essential determinants of success (https://nnw.fm/8NTew).
Kaival Brands has established a budding reputation for growing and incubating innovative products and developing them into dominating in their respective markets– an approach which the company is now bringing to the rapidly growing vaping sector. As the exclusive distributor of the Bidi Stick, Kaival has sought to create a national distribution network, with the company’s products now stocked across thousands of retail and convenience store locations across the country.
“We are proud to announce that Bidi Sticks can now be found nationally in over 850 retail stores, like Fas Mart and Sprint Mart, owned by GPM Investments LLC in addition to over 2,200 current Circle K convenience stores, and we expect in the coming months for our distribution to expand potentially into thousands more retailers and convenience chains,” said Kaival president and CEO Niraj Patel (https://nnw.fm/9UKro). “Bidi Sticks can also be purchased online for in-person delivery from any goPuff.com facility that has the ability to sell Bidi Sticks legally with proper age-verification gates within that state or municipality.”
Kaival Brands’ ambition is not limited to the United States, having recently begun exports of the Bidi Stick to foreign retailers.
“Internationally, we also recently shipped an initial order valued at approximately $166,000 to Ambros Inc., a company located in Guam that is the exclusive distributor of SC Johnson and Budweiser products to all retailers located in Guam,” Patel continued. “The Bidi(TM) Stick will be the only vaping device offered by Ambros Inc. to their customers and retailers.”
The impressive distribution network for the Bidi(TM) Stick coupled with the product’s innovative design and technological prowess have translated into strong financial results, with Kaival Brands Innovations Group recently releasing its third quarter earnings. Sales for the quarter ending July 31, 2020 totaled approximately $32.4 million, with gross profits of $4.4 million over the three-month period –with the figures being particularly noteworthy given that the company began to generate revenues less than twelve months ago. The company’s management attributed most of the gain to the Bidi Stick’s explosive sales growth.
“We had an extremely busy and fruitful third fiscal quarter,” said Patel. “We experienced a rising demand for our exclusively distributed premium product, the Bidi Stick. We have seen an increase in sales of almost 44% from the previous quarter, with our sales growth occurring mostly organically through smaller distribution channels and wholesalers. Now in the fourth fiscal quarter, we are focused on expanding our distribution into large national retailers and convenience chains.”
With the vaping industry set to enjoy a double-digit growth for the foreseeable future, Kaival Brands is well-positioned to continue benefitting from the growing popularity of its flagship product, the Bidi Stick.
For more information, visit the company’s website at www.KaivalBrands.com.
NOTE TO INVESTORS: The latest news and updates relating to KAVL are available in the company’s newsroom at http://nnw.fm/KAVL
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